Oxford Resource is NYSE's biggest loser today

Dan Gearino, The Columbus Dispatch

Tuesday

Jan 29, 2013 at 12:01 AMJan 29, 2013 at 9:42 PM

Oxford Resource Partners' decision to suspend a payment to shareholders contributed to its 30 percent share-price decline today, the largest percentage decrease on the New York Stock Exchange. The Columbus-based coal company finished the session at $4.14 per share, its lowest close since it went public in 2010.

Oxford Resource Partners’ decision to suspend a payment to shareholders contributed to its 30 percent share-price decline today, the largest percentage decrease on the New York Stock Exchange.

The Columbus-based coal company finished the session at $4.14 per share, its lowest close since it went public in 2010.

Oxford’s board of directors decided to suspend the fourth-quarter payment in order “to further preserve liquidity,” the company said.

The low cost of natural gas has contributed to a prolonged slump for the coal industry, with electric utilities choosing to burn gas instead of coal.

Like most companies in the industry, Oxford has struggled to deal with weak demand. It has cut costs by selling assets and paying off workers, but those efforts have not been enough to avoid this blow to investor confidence.

“Despite the challenging environment, the partnership continues to benefit from its low-cost production profile and strategic importance to its customers,” the company said.

The share price peaked at just shy of $28 per share in March 2011, dropping to less than $20 later that year, less than $10 in 2012 and now less than $5.

dgearino@dispatch.com

@dispatchenergy

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